Valerie Pecresse, president of Ile-de-France, a region in north-central France which includes Paris, has said the French capital can attract financial firms and had a lot to offer.

Speaking on CNBC, Ms Pecresse said the move would not be to penalise UK citizens, who she was shocked voted for Brexit, but Paris should compete with other European cities.

The current French assembly member said: “We were very sad when we heard about the Brexit vote. We didn’t believe that the British people would vote Leave.

“But this vote started a process of competition between all the metropolis of continental Europe and in this competition I think, Paris has got many assets and I want, of course, to take advantage of this situation.

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Valerie Pecresse says Paris move is not to "punish Brits"

I don’t think that Paris should yield in front of the competition

Valerie Pecresse

“But not to punish the British people, just because I don’t think that Paris should yield in front of the competition.”

Ms Pecresse added Paris was the first financial city on the continent and was twice as big in asset management as Frankfurt.

She said: “We are the only global economic city in continental Europe, like London, but on the continent.”